Brent crude rose further above $103 a barrel today after strong jobs news from the USA, a drop in the country’s oil stocks and lower Iranian exports outweighed worries that the U. Federal Reserve may scale back its economic stimulus programme.
Expectations that the Federal Reserve wiould roll back stimulus plans, putting the brake on lobal economic growth, pushed Asian shares to 2013 lows.
But data showing fewer Americans filing new claims for unemployment benefits, pointing to moderate job growth and more economic activity ahead, helped rally the market.
European Central Bank President Mario Draghi was also upbeat, talking of prospects for an economic recovery this year and the need for “accommodative” central bank policies for as long as necessary.
News of a sharp fall in US crude inventories, plus signs of a further drop in sales of crude by Iran to Asia, further supported prices.
Brent crude oil futures for July rose 32 cents to $103.36 a barrel by 1400 GMT. U.S. oil rose 79 cents to $94.53 per barrel.
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